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Prince Alwaleed US$1.2b poorer since Saudi corruption purge

Tue, Nov 07, 2017 - 3:37 PM

DUBAI - Prince Alwaleed bin Talal is still very wealthy, but even the mega-rich would balk at losing more than US$1 billion in 48 hours.

His net worth fell to US$17.8 billion after the market value of the Saudi investment firm he founded plummeted US$1.3 billion this week. Kingdom Holding's stock closed on Monday at the lowest level since December 2011.

Alwaleed is among dozens of princes, ministers and current or former senior officials who were arrested Saturday night on orders from a newly established anti-corruption committee headed by Crown Prince Mohammed bin Salman. The detainees include three of the country's richest people.